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Question no 6 Chapter 2 – UNIMAX Class 12 Part 2 – 2021

Question no -06 Chapter no -2 Unimax Class -12 Part - II
Question no -06 Chapter no -2 Unimax Class -12 Part - II

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Question No  6 Chapter 2 – UNIMAX  Class 12 Part 2 – 2021

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Koinal Chemicals Ltd, issued 15,00,000, 10% debenture of ₹ 50 each at premium of 10% payable as ₹ 20 on application and balance on allotment, debenture are redeemable at par after 6 years. All the money due on allotment was called up and received. Record necessary entries when premium money is included:
(1) Application money
(2) Allotment money

The solution of Question 6 Chapter 2 of +2 Part-2: –

Journal
Books of ‘S’ Ltd.

Date  Particulars
L.F.DebitCredit
(i)Premium including in app. Money    
 Bank A/cDr. 3,75,00,000 
 To Debenture application A/c   3,75,00,000
 (Being application money received on 15,00,000 debenture @ ₹ 25 per debenture including premium ₹ 5 per debenture)    
 Debenture Application A/cDr. 3,75,00,000 
 To Debenture A/c  3,00,00,000
 To Securities premium A/c  75,00,000
 (Being application money transferred to 10% debentures a/c and securities premium a/c)    
 Debenture Allotment A/cDr. 4,50,00,000 
 To Debentures A/c  4,50,00,000
 (Being allotment money due on 15,00,000 debenture @ ₹ 30 per share)    
 Bank A/cDr. 4,50,00,000 
 To Debenture allotment A/c  4,50,00,000
 (Being the allotment money received premium include in allotment money)    
(ii)Premium include in allotment money    
 Bank A/cDr. 3,00,00,000 
 To Debenture application A/c  3,00,00,000
 (Being application money received on 15,00,000 debenture @ ₹ 20 per debenture)   
 Debenture application A/cDr. 3,00,00,000 
 To Debenture A/c  3,00,00,000
 (Being application money transferred to 10% debenture a/c)   
 Debenture allotment A/cDr. 5,25,00,000 
 To Debenture A/c  4,50,00,000
 To Securities premium A/c  75,00,000
 (Being allotment money due on 1,50,000 debenture including premium of ₹ 5 per debenture)   
 Bank A/cDr. 5,25,00,000 
 To Debenture allotment a/c   5,25,00,000
 (Being allotment money received)    

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